“CHALLENGES FACED BY PAKISTANI ONLINE FREELANCERS: THEIR RECOGNITION AS SME VALUE ADDED ENTREPRENEURIAL AGENTS ENTAILS FOCUSED EFFORTS BY THE GOVERNMENT, BANKS AND PRIVATE FIRMS WITH SPECIAL REFERENCE TO THEIR STREAMLINING, ELECTRONIC INVOICING AND REMITTANCES (PROBLEMS & RECOMMENDATIONS TO ENHANCE PAYMENT OPTIONS)”

Abstract

This study explores how SMEs and freelancers can be a great asset for the nation in this period of economic deprivation, when large businesses and industries are shutting down and not much national and international investment are available, leaving these SMEs and freelancer a great opportunity for the country. However, they are facing limitations and problems such as government regulations, fluctuating economy, adverse country situation, uncertain government, and most of all discouragement while coping with the international dealings such as remittances and communication. Proper guidance is also not provided and these entrepreneurial agents are striving on their own. In this connection, online businesses are the most vulnerable as they are offering services and receiving remittances online via the Internet. Banks and private firms’ role in this connection is primary as they are the only safe and authentic options for receiving foreign funds. Thus, SMEs and freelancers have to compromise on their provided services, transaction fees and foreign exchange rates. No appreciable incentives have been provided for these small business and freelancers in this connection especially focused ones helping them out of their problems. And due to which they might lose part of their remittances which is not only an individual’s loss but will make a good collective economic loss. A theoretical research has been done which is descriptive in nature, using data collected through mainly from Web sites and a Questionnaire survey. In order to prove or reject hypothesis and based on that, a conclusion is made about the research objectives. The brief survey of a few renowned banks and private firms showed that they still have room for improvement. Banks, private firms and government has to jointly consider this in order to improve the collective economic situation. Suggestions for improvement and new insight have been given